Corporate success is not possible without risk-taking. Risks and opportunities result from the unpredictable future and lead to either negative or positive deviations from planned corporate targets. The extent of risks and opportunities depends on numerous factors such as the volatility of relevant market prices, which must be identified, analyzed, and controlled using enterprise risk management (ERM). In many countries, companies are required by law to implement risk management (RM) approaches. Therefore, this section discusses the need for enterprise-wide RM, defines key terms, and introduces the concept of ERM in detail.